Preheat oven to 350 degrees F (175 degrees C). Grease a 2-quart casserole dish.
Bring a large pot of lightly salted water to a boil. Cook elbow macaroni in the boiling water, stirring occasionally until cooked through but firm to the bite, 8 minutes. Drain.
Stir soup, evaporated milk, Colby cheese, and chipotle chile into the cooked pasta until well combined. Spoon mixture into the prepared casserole dish.
Stir together panko bread crumbs and olive oil in a small bowl. Sprinkle bread crumb mixture over the top of casserole.
Bake in the preheated oven until the top is browned and the casserole is bubbling, 25 to 30 minutes.
